Pustaka Ilmiah Universitas Padjadjaran

Abstrak

Old-age Financial Support Schemes In Malaysia

Presently, population ageing is still not generally viewed as a very serious or an important issue in Malaysia. Nevertheless, within the last decade or so, there has been a growing interest on the subject. Perhaps, it is the need to be proactive that has prompted these discussions. As an attempt to the add value to the many discussions already taking place on the subject, this paper focuses on an aspect of older peoples’ lives, that is, their finances. Granted that it takes more than just finance to help older people live their remaining years gracefully and with dignity, finance nevertheless is an important dimension. In Malaysia, there exists several formal old-age financial support schemes, many of which are legacies of British Malaya but have been indegenised through a series of changes. The paper will deal with two of these formal old-age financial support schemes namely Government Pension Scheme and the Employees Provident Fund (EPF). Other support schemes will only be briefly mentioned. The paper will also raises some issues pertaining to the adequacy and coverage of these two schemes. Discussion on these will be preceded by an overview of the present trend and future sceruuio of population ageing in Malaysia.